Dreyfus helps RI exporters

Dreyfus helps RI exporters

SINGAPORE (Dow Jones): Paris-based global trading company Louis Dreyfus Et Cie is said to be offering Indonesia funding for a coffee retention plan, sources said Monday.

Confirmation from Louis Dreyfus couldn't be obtained, but a source close to the company told Dow Jones Newswires that "discussions are underway with the ACPC (Association of Coffee Producing Countries)...I can't comment on the individual countries."

ACPC's secretary general couldn't be reached for comment at the time of writing.

Indonesia has indicated its strong support for the retention program, its performance has been stalled by a lack of funding from both the government and exporters.

Officials of the Association of Indonesian Coffee Exporters have said that 70 percent of its members are agreeable to the retention plan, but because of a lack of funding it has yet to decide when the plan will go into effect.

The 14-member ACPC agreed on a plan May 19 to withhold 20 percent of global exports until prices reach the International Coffee Organization's reference price of 95 U.S. cents a pound.